Sony Computer Entertainment America has announced a long awaited price cut to the PlayStation 2, making the system available for USD 99.99, compared to the previous price of USD 129.99.

The PS2 has sold more than 136 million units worldwide since launching in 2000, and was the fastest-selling console until recently usurped by the Nintendo Wii.

"PlayStation 2 set the industry standard for worldwide mass market adoption and is a clear embodiment of Sony's commitment to platforms that deliver 10-year product lifecycles," said Jack Tretton, president and CEO, SCEA. "It's a tribute to outstanding technology, great consumer value and unprecedented development support that we've now been able to do twice what no one else has ever accomplished.

"Demand for PlayStation 2 remains strong throughout the world, and the new USD 99 price point will bring in new consumers who will discover how PlayStation platforms are an outstanding choice for their gaming and home entertainment needs."

He continued: "Just as PlayStation 2 is delivering on a 10-year lifecycle and helped expand and solidify the DVD format for home entertainment along the way, we believe PlayStation 3 offers the same promise by helping secure the Blu-ray format and delivering unprecedented value as the total home entertainment solution for the next decade."

The price of the PlayStation 2 in Europe is also reduced to EUR 99, but there are no plans to reduce the UK price where it sells for GBP 99.

Sony Corp's share price is currently being traded at JPY 1998 (USD 20.27) on the Tokyo Stock Exchange, down 3 per cent from the previous closing price.

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